this post was submitted on 11 Mar 2026
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Technology
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I’d wager even the 1% is the stereotypical “solution in search of a problem”. Seems to be a reoccurring theme as of late in the tech industry.
Having a currency not backed by a government or different currency is actually something the world could benefit from. Iranian currency was backed by USD, the US caused a shortage of USD there, and their currency value dropped to under 3% of it's former value. 90 Million people.
That said, I think most of us have only ever used crypto to buy drugs off the internet.
Yeah, but a currency practically needs a military and an economy to back it.
Who is going to stop me from fucking with the bitcoin supply if I own the US economy?
Yeah, it also needs to derive its value from somewhere. Any stable nation's fiat derives its value from the fact that the government is believed trustworthy in matters of printing money and that in order to deal with that government you have to use that currency. An Australian could do all their financial life in etherium assuming everyone takes and offers it, right up until tax time where they have to convert a lot of ETH values into AUD, then trade some ETH for AUD in order to pay taxes. And if they receive any money from their government you bet your ass they aren't being given ETH. If they trust the Australian government even a little they're probably not jumping through those hoops.